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Drumm’s a beaten man as hefiles for bankruptcy in America

Action throws into disarray Anglo’s plan to chase the former chief executive down for every penny, but was the move really such a surprise?

Mark Paul

October 17 2010, 1:01am, The Sunday Times

Drumm's lawyers say he made an offer to give Anglo all of his assets (James Horan)

FOR David Drumm, the former chief executive of what was once one of the world’s best-performing banks, it must have been a moment steeped in abject ignominy.

Earlier this month, the former Anglo Irish Bank chief executive handed over $50 (€35) for a course with the Institute of Financial Literacy (IFL) in America. The course, which takes about 60 minutes online, covers the basics of monthly budgeting.

Afterwards, Drumm called Karen McIver, his designated financial literacy counsellor. After giving him some financial advice, she emailed him a copy of his certificate of completion. He would need it to declare himself bankrupt.

Last Thursday, Drumm, who has been battling his former employer in the Irish courts over an €8m debt, filed for Chapter 7 bankruptcy proceedings…